5 Tips for Engaging Millennial Employees
As per a survey made in 2017, 35% of the American workforces were millennial employees. 56 millions of people aged between 21 and 36 were either working or looking for a job. While some experts believe this age group makes the ideal employees, it’s purely up to the employers to carve the most out of these smart people. The survey also reveals only 29% of this young group are engaged at work.
In order to make them efficient and retain them, the organizations should understand their needs and expectations first.
Last year, around 21% of the millennial employees had left their jobs. This reality check has seriously become a matter of concern for the human resources department.
These young minds want to have a profound sense of connection to their works, which is possible by granting them the liberty, flexibility and allowing them to maintain a healthy work-life balance.
Companies with highly engaged workforces outperform their peers by 147% in earnings per share. ~ Gallup
With the staggering fact of their presence, organizations need to introduce a future-proof digital workplace and integrate e-learning programs. Such strategic initiatives will ensure giving their younger resources an empowering and enriching workforce experience. This will indeed boost the millennial employee engagement.
As we know the new working generation has a different approach to developing their career than previous generations. The way to engage your workforce can mean the difference between a successful and a mediocre company.
How to do millennial employee engagement?
Here are our 5 tips (in no particular order) for boosting your business in terms of millennial workforce engagement.
Assigning senior level employees to act as a mentor for new members of your team can help both the parties. The younger generation can get a lot of tacit knowledge such as company culture to help them advance in their new challenges. Whereas the older generation can benefit from understanding the younger generation’s motivations and needs.
2. Performance Driven Opportunities
There is an enormous drive among young employees, they are motivated by timely and just-about-right challenges, set the bar high but ensure it’s achievable. Companies that use these driven employees are rewarded with a motivated workforce and good company performance both in the short-term and the long-term.
3. Learning and Development
In this ever-changing business world, it is important to keep your workforce educated. The role of employees can change very quickly because of changes in the business world. Companies that have the ability to provide this education are more likely to stay competitive. The 70-20-10 learning model works like a charm even today, where 70 percent of development to consist of on-the-job learning, supported by 20 percent coaching and mentoring, and 10 percent classroom or digital training.
4. Social Integration
It is important to connect millennials to your organization so they feel like they are part of the team and the company. This can be done by introducing a collaborative management system, employees will be responsible for assessing their current performance and can give an indication of where they need more support.
5. Employee Experience
Many millennials feel strong about a good work atmosphere. Providing this might just give you a whole new workforce. Assigning them to like-minded people will help to get them more engaged in your organization.
Few more bonus tips for engaging millennial employees
Reconsidering your hiring process
All high-level organizations receive thousands of applications on a daily basis for different openings. Most of these resumes go unnoticed and end up in the spam or trash folders. And those shortlisted outnumber the ones which have gone unnoticed. The candidates, especially the deserving ones become frustrated with the exhaustive selection procedures. The candidates also at times don’t get to know completely about the workplace culture and hiring criteria of the organization they’ve applied to.
Glassdoor is already offering a fantastic platform for millennial employees to understand the organizations’ culture, policies, remuneration, hiring tactics through employees’ feedbacks and reviews. Companies can take cues and start establishing a transparent hiring procedure. The candidates should be regularly notified about the progress in made in their job application process. This way, the candidates will not feel getting ignored and can always get the update on their applications.
Acknowledging the gig economy
Statistics reveal 1/3rd of millennial employees across the US and European Union are freelancers. It is estimated that by 2020, over 7.6 million American professionals would have entered the gig economy. Organizations should not overlook this fact. The reason why companies are losing millennial employee engagement and not able to retain them is the lack of flexibility. The younger generation is looking out for a flexible job that can give them the freedom to work from anywhere and anytime. The enterprises should approach the digital workplace service providers and revamp their workplace culture completely in order to embrace the change.
As millennial employees are rapidly becoming an integral part of your business endeavor, it’s time you took a strategic initiative. Digital workplace could be your best solution in retaining those young talents. It will be an endearing experience for the employers to see how the millennial workforce augments the business and revenue on the whole. To know more about the bleeding edge Intranet technologies, contact us for a free demo.